Russia overtakes Canada to reach top in export of yellow peas to India
01-Oct-2024 12:22 PM
Mumbai. Russia has now overtaken Canada to reach top in supplying yellow peas to India, whereas earlier Canada was dominating.
According to Agricultural Processed Food Products Export Development Authority (APEDA), an agency under the Central Commerce Ministry,
on one hand Russia is aggressively exporting its yellow peas at competitive prices and on the other hand, due to trade in ruble-rupee, Indian importers are trying to increase its imports from there rapidly.
This situation has arisen at a time when Russia has overtaken Canada in the Chinese market as well. It is worth noting that there was a time when Canada's share in the yellow peas market in China had reached 97 percent, but now Russia has captured about 50 percent of the market. One reason for this is that China's relationship with Canada is deteriorating while it is getting closer with Russia.
According to the available data, 4.41 lakh tonnes of yellow peas were exported from Russia to India during the period April-July 2024, which was more than the shipment of 4.01 lakh tonnes in December 2023-March 2024.
On the other hand, 13.80 lakh tonnes of peas were exported from Canada during the financial year 2023-24, which declined to 3.93 lakh tonnes in April-July 2024. According to trade analysts,
Russia is exporting its peas vigorously in the global market at attractive prices, while Indian importers are importing it from there with payment in rupees instead of dollars.
This is a very convenient situation. Not only this, but it is also cheaper to import yellow peas from Russia in terms of shipment cost.
The cost of importing 4.41 lakh tonnes from Russia was $ 212.85 million, while the cost of importing 3.93 lakh tonnes of peas from Canada increased to $ 228.49 million.
The main export price of Russian yellow peas for October-November shipment to India is $425 per tonne and the export price of Canadian yellow peas is $460 per tonne. Production in Russia has grown rapidly in recent years.